Built during the height of development in Times Square, this Midtown New York hotel is rich with history. 1926: The 235 West 46th Street Company purchases a group of small lots at 8th Avenue and 46th Street, which became the site of the Paramount Hotel. 1927–28: The Paramount is constructed as one of the first Times Square hotels, for an estimated $3.5 million. Designed in the French Renaissance style by Thomas W. Lamb, one of the nation’s foremost architects of theaters and cinemas, the building reflects the theatrical character of the neighborhood. This was the only hotel Lamb built. June 5, 1928: The Paramount opens with 700 rooms, an air-conditioned grill room with dancing and live entertainment, an intimate dining room, a large lobby with a mezzanine, and nine retail shops. 1932: Charlie Barnet, American jazz saxophonist and composer, becomes leader of the Paramount’s band. 1935: The Paramount is in foreclosure, hit hard by Prohibition and the Great Depression. The hotel continues to operate under various owners through the years. 1938: Broadway lyricist and impresario Billy Rose opens the nightclub Billy Rose’s Diamond Horseshoe in the basement of the Paramount. Chorus girls and well-known artists entertain tourists and New Yorkers alike. 1945: The movie musical Diamond Horseshoe, inspired by the club, is released. 1951: The Diamond Horseshoe closes. 1986: Hotelier Ian Schrager and entrepreneur Steve Rubell purchase the Paramount. 1988: The Paramount closes for an 18-month renovation, including restoration of the exterior. 1990: French designer Philippe Starck is commissioned to do a dramatic redesign of the common areas. The Paramount reopens, with the renovation contributing to the renewal of the Times Square area. 2004: The Paramount is sold to Sol Meliá Hotels and Resorts and the Hard Rock Cafe as a joint venture for $126 million. 2009: The building earns designation as a New York City landmark. 2011: Real estate mogul and art collector Aby Rosen purchases the Paramount for $275 million. 2012–2013: Paramount undergoes a $40 million renovation, including modernization of the lobby and a complete remodel of the public spaces.